Want China Times
Ant Financial, Alibaba’s financial service affiliate, is set to buy a 1.2 billion yuan (US$188
million) controlling stake in Cathay Insurance, the company said on Monday.
The agreement, which will see Zhejiang Ant Small & Micro Financial Services Group holding 60% in the mainland unit of Taipei-based Cathay Financial Holdings, is waiting to be approved by the government. It is expected to be finished within the year.
The deal will allow Ant Financial to expand its range of products.
Cathay Financial is one of Taiwan’s largest financial holdings groups, covering insurance, securities, banking and other diversified financial institutions.
Ant Financial runs China’s most popular online payment platform, Alipay. [FULL STORY]